What governance transition is SASB undergoing?
SASB is transitioning to a two-tiered governance model with separation of financial responsibilities from the standards-setting activities. In the new model, an entity called the SASB Foundation is responsible for finances and governance. The Foundation delegates authority for standards setting to the SASB, a newly appointed technical board.
Who will govern the SASB Foundation?
The group formerly known as the SASB Board of Trustees will become the SASB Foundation Directors.
Who will be on the SASB technical board?
The SASB Foundation Directors will appoint 5-9 members of the SASB by April 2017. They will look to fill some seats with members of the former SASB Standards Council. The Chair of the SASB is a full-time compensated role. The members of the SASB are a part-time role with a stipend.
What role do committees of the SASB Foundation play?
Two committees of the SASB Foundation play an important role in standards development. First, the Governance & Nominating Committee nominates members of the SASB. The full board then votes on these nominations. Second, the newly formed Standards Oversight Committee oversees the due process of SASB’s standards development. The members of the SASB report to the Standards Oversight Committee.
Why is SASB moving to a two tier governance structure?
In the new model, fundraising and business-related activities will be separate from standard-setting, which will facilitate the independence and rigor of SASB’s standards-setting process. The new governance structure is modeled after that of the FAF and the FASB.
When will the governance transition be complete?
The Board approved all resolutions needed to transition to the two-tier structure at its meeting on February 1. We are now undertaking various actions necessary to formalize the change. The transition will be completed by April.
When is SASB making these announcements?
On February 15, SASB will publish the revised governance documents and announce its impending transition to a two-tier governance structure. On April 5, SASB will announce the members of the SASB.
Is SASB’s name changing?
The legal entity for SASB is now called the SASB Foundation. However, SASB’s operating name and identity remains SASB. We will still be known as SASB in all of our communications, including our website and our publications.